 | Listed state companies to offload more for investors
01 November, 2010
The government will offload its holdings in eight listed state companies within 20 days, in a move that promises to stabilise the often-volatile stockmarket.
The landmark decision came after the prime minister's assurance of clearing years of bureaucratic tangles.
Finance Minister AMA Muhith, however, named only two of them: Titas Gas and Atlas Bangladesh.
The six other companies, according to sources, are: Desco, Powergrid, Meghna Petroleum, Padma Oil, Bangladesh Shipping Corporation (BSC) and National Tubes.
The offloading of additional shares of the eight companies will strengthen the supply side in the market, where demand for new shares is increasing every day with the entry of thousands of fresh investors.
Apart from the eight companies, the government will offload a 49 percent stake in other 24 state entities each, including mobile phone operator Teletalk, by December.
The finance ministry will send a written proposal to the Prime Minister's Office in this regard, the sources said, adding that the proposal will also make recommendations on keeping a portion of shares reserved for employees of a company concerned.
Release link:http://www.thedailystar.net/newDesign/news-details.php?nid=160789
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